Oil prices ticked up in Monday’s Asian trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. | Reuters
trader’s perspective, the U.S. dollar should pull back as traders give up on a re-acceleration of Fed hikes; this, in turn, clears a path for more robust Chinese fundamentals to dominate commodity trading,” Innes added.The failure of Silicon Valley Bank and New York-based Signature Bank and concerns about possible contagion led to a selloff in U.S. assets at the end of last week, which has also put downward pressure on the dollar.
Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support. “If you considered China opening up and a pick up in jet fuels and very limited spare capacity, we are talking 2 million barrels, so as I said we are cautiously optimistic in the short to midterm and the market will remain tightly balanced,” he said.
The comments come in the wake of the announcement that Riyadh and Tehran had agreed to restore diplomatic relations in a China-brokered deal, potentially paving the way to the revival of a nuclear deal that would allow exports of currently-sanctioned Iranian crude.‘s fluctuating start to the week follows positive momentum on Friday, when U.S. employment data surprised to the upside.
From a medium- to long-term supply perspective, energy services firm Baker Hughes Co said on Friday U.S. energy firms this week cut the number ofYour subscription could not be saved. Please try again.
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